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Employee BenefitsCompaniesAssumption Life Employee Benefits in Canada: A Complete Review

Assumption Life Employee Benefits in Canada: A Complete Review

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Assumption Life has provided employee benefits in Canada for over 100 years. Founded in 1903, it’s one of the biggest insurance companies in Atlantic Canada. It offers many products and services to individuals and groups.

This review looks at Assumption Life’s employee benefits like health insurance, dental, life insurance, disability coverage, and critical illness insurance. It examines Assumption Life’s plans for small and large employers. It compares their products to competitors. It highlights the main pros and cons.

About Assumption Life

Unlocking Benefits: A Review of Assumption Life's Employee Offerings IDC
Review of Assumption Life’s Employee Offerings

Assumption Life has a long and storied history dating back to its founding by a group of Acadian immigrants in 1903. Originally founded as a fraternal society offering Insurance to French Canadian communities in Waltham, Massachusetts, the company later relocated its headquarters to Moncton, New Brunswick, in 1913. Some interesting facts about Assumption Life:

  • Currently structured as a mutual company owned by policyholders rather than shareholders.
  • Over $2 billion in assets under management (Source)
  • Provides more than 75,000 Insurance and financial policies. (Source)
  • Employs approximately 500 people (Source)
  • The main product lines are life insurance, health/dental insurance, disability insurance, critical illness insurance, annuities, and investment funds.
  • Strong rating of A- from A.M. Best, indicating excellent financial strength

Assumption Life has expertise serving the Acadian and Francophone community, yet has maintained national reach across Canada for over a century. The company’s group headquarters in Moncton houses a French call center, back-office operations, and some English services. Additional offices in Halifax, Montreal, Toronto, and Vancouver provide localized support.

For over a decade, Assumption Life has been recognized as one of Canada’s best-managed companies, evidencing its solid and prudent business practices. It often tops the rankings of the largest Atlantic Canadian insurance companies and remains a leading employer in New Brunswick.

Assumption Life Employee Benefits Overview

Beneficial Breakdown: Assumption Life's Employee Benefits Examined IDC
Beneficial Breakdown: Assumption Life’s Employee Benefits Examined

As an experienced provider of individual life and health insurance, Assumption Life is well-positioned to understand what employers and employees need from a group benefits plan. The company brings a full suite of traditional group insurance products, along with some value-added services and innovations that can enhance the benefits experience for plan members.

Some of the leading products and services offered by Assumption Life include:

Health Insurance

Assumption Life covers a wide range of health expenses not covered under provincial healthcare plans, including prescription drugs, practitioners like physiotherapists and chiropractors, vision care, medical equipment and travel insurance. Health plans can be customized by selecting desired coverage levels, co-pays and deductibles. Add-ons like drug cards, hearing aids and paramedical coverage can be incorporated.

Dental Insurance

Assumption Life offers standard dental insurance plans that cover preventative services and basic and primary dental care. Employers can select the percentage coverage for different types of treatments and services, such as cleanings, fillings, crowns, bridges, and orthodontics. Dental implants, root canals, and other restorative options may also be added.

Life Insurance

Assumption Life’s life insurance plans pay out a tax-free lump sum to designated beneficiaries in the event of an employee’s death. Both primary and optional life insurance are offered. Optional plans allow employees to purchase additional coverage through payroll deduction. Included features include a waiver of premium for disability, conversion to individual policies when leaving employment, and early payout for terminal illness diagnosis.

Disability Insurance

The purpose of Assumption Life’s short-term and long-term disability plans is to protect an employee’s income stream in the event of illness or injury. Short-term disability replaces income for the first few months off work, while long-term payment is continued until age 65 for extended leave. The definition of disability and waiting periods before benefits can be adjusted to meet the employer’s needs and budgets.

Critical Illness Insurance

This lump-sum payout policy issued upon diagnosis of a qualifying critical illness gives employees cash to cover expenses stemming from major health events like cancer, stroke, or heart attack. The funds can enable employees to focus fully on their treatment and recovery without worrying about everyday finances.

In addition to traditional group insurance coverages, Assumption Life also offers a range of other services and innovations, including:

  • Virtual healthcare access for convenient medical consultations
  • Employee assistance programs providing counselling and wellness support
  • Easy-to-use benefit administration platforms for HR and managers
  • Employee communications and enrollment kits
  • Integrated absence management programs to improve disability claims results

Assumption Life offers a full range of products to meet the needs of small, medium, and large employers for employee benefits.

The company takes a local approach to understand what businesses in your province need. It provides customized, cost-effective solutions for organizations and employees.

Benefits of Assumption Life Employee Benefits

Employee-Focused Evaluation: Assumption Life Benefits Review IDC
Employee-Focused Evaluation: Assumption Life Benefits Review

Robust employee benefits plans can benefit employees and employers in multiple ways. For employees, generous benefits foster greater engagement, well-being and loyalty to the company. And for employers, attractive benefits keep employees satisfied while helping to control costs and minimize turnover that can cripple productivity.

Some of the advantages Assumption Life’s benefit plans offer include:

Benefits for Employees

Financial protection: Disability or critical illness insurance supplies vital income replacement.

Peace of mind: Not worrying about healthcare costs allows employees to focus on work.

Improved health: Increased coverage results in employees accessing care sooner.

Work-life balance: Virtual medicine saves employees time travelling to appointments.

Control over choices: Flexibility and customization give employees greater control.

Portable coverage: Can take certain benefits to the next employer.

Benefits for Employers

Recruiting advantage: Strong benefits packages enhance the employer brand.

Increased retention: Good plans make it less likely for employees to leave for better benefits elsewhere.

Higher engagement: Employees feel valued, which leads to higher discretionary effort.

Enhanced productivity: Healthy and financially secure employees are more productive.

Lower absenteeism: Access to proper healthcare results in fewer sick days.

Tax efficiencies: Premiums are usually tax deductible as a business expense.

Assumption Life knows what employees value most in benefits plans. The company partners with employers to create plans with the right coverage and perks to build a productive, loyal workforce.

For organizations that want to control costs amid rising healthcare expenses while keeping employees satisfied, Assumption Life brings expertise to improve benefits creatively without increasing budgets.

Costs and Pricing

Of course, a primary concern for employers when selecting group benefits plans is cost and ensuring maximum value is derived from dollars spent on premiums. Assessing a provider’s pricing requires understanding a few factors that influence costs:

Location: Premium rates vary among different provinces.

Group size: Larger groups benefit from economies of scale.

Demographics: Age and gender affect rates along with family sizes.

Claims patterns: Groups with higher utilization get pricier premiums.

Industry: Occupational risks drive life and disability insurance costs.

Customization: More coverage means higher costs.

According to Assumption Life, average group benefits range from 5% to 15% of an employee’s base pay, depending on the employer’s size and sector. Each organization is rated individually, and its unique characteristics are accounted for.

Below are sample Assumption Life monthly premiums based on a group of 25 employees to indicate pricing:

  • Health Insurance – $240 per employee
  • Dental Insurance – $27 per employee
  • Basic Life Insurance – $12 per $10,000 of coverage
  • Critical Illness Insurance – $18 per $10,000 of coverage
  • Short-Term Disability Insurance – 0.4% of salary
  • Long-Term Disability Insurance – 1.1% of salary

Comparing Assumption Life’s premiums to major competitors like Manulife, Sun Life, Great West Life, and Blue Cross shows competitive group benefits pricing, particularly for smaller companies under 500 employees.

Their pricing edge comes from lower overhead and admin costs as a private Atlantic Canadian insurer. Having less bureaucracy than big insurers can mean savings passed to customers.

For organizations in Eastern Canada, Assumption Life is an affordable option worth including in any employee benefits proposal. Employers across the rest of Canada may also find Assumption Life’s pricing compelling but will want to validate regional service capabilities before making any supplier decisions.

Enrollment and Claims Process

In-Depth Analysis: Assumption Life's Employee Benefits Explored IDC
In-Depth Analysis: Assumption Life’s Employee Benefits Explored

An effective enrollment process ensures all employees are correctly set up under the new group benefits program. Assumption Life and its advisor partners provide turnkey support to guide employers through a smooth implementation, including:

Reviewing employee data: confirming details like ages, salaries, and family sizes.

Selecting plans: Working collaboratively to design plans that align with your budget.

Finalizing pricing: Setting employee/employer contributions and premium costs.

Enrolling employees: Assisting employees in selecting plans, coverage levels and beneficiaries.

Implementation: Activating the new benefits plan across all systems and technologies.

Employees are given ample time to review their options and enroll in benefits, usually around 30 days during the open enrollment period. Once enrolled, they can conveniently access details on their coverage online or via Assumption’s mobile app.

To make the claims process as simple as possible for employees, Assumption Life offers multiple submission options, including:

Mobile app: Snap a photo of receipts and submit it via the app.

Online portal: Upload documentation directly to the claims portal.

Mail: Send physical receipts by post.

Telus EMR: Automatically submit e-claims from the doctor’s office.

Direct deposit ensures fast claims reimbursement in as little as 1-3 business days for approved claims. Assumption Life’s knowledgeable customer service team is readily available if any issues arise.

Pros and Cons of Assumption Life Employee Benefits

Some of the key advantages and potential drawbacks of Assumption Life’s employee benefits solutions:

Pros of Assumption Life Employee Benefits

  • A broad range of traditional and voluntary benefits options.
  • Proactive support from knowledgeable account managers and advisors.
  • Access to employee assistance programs and wellness services.
  • Easy-to-use benefits administration platforms.
  • Strong reputation for personalized service and technology systems.
  • Competitive pricing, particularly for SMEs and smaller groups.

Cons of Assumption Life Employee Benefits

  • The distribution footprint focused mainly on Eastern Canada.
  • Scalability may be a challenge for massive, complex groups.
  • Fewer third-party investment options compared to mega insurers.
  • Wellness programs are less extensive than some competitors.

For many Canadian companies, Assumption Life offers a refreshing choice compared to giant multinational insurers known for impersonal service. Assumption Life takes a boutique approach to group benefits, tailoring the right plan for each organization’s demographics, budget, and priorities. Local teams deliver personalized, flexible solutions that set Assumption Life apart.

Assumption Life appears well-suited for SMEs and smaller employers seeking robust plans with fewer hassles than traditional providers. Organizations wanting an intimate, long-term partnership will appreciate Assumption Life’s experienced account leaders and advisors, who can evolve benefits as the business grows and the workforce changes.

Conclusion

In closing, Assumption Life brings over 115 years of insurance expertise to deliver compelling employee benefits solutions explicitly designed to meet the needs of today’s diverse, multigenerational workforce.

Despite evolving from its French Canadian roots to expand nationally, Assumption Life retains a local approach, understanding precisely what employers in your community require to recruit, retain, and engage talent. The company’s boutique-style service experience focuses on crafting benefit plans matching each organization’s unique priorities and budgets.

Exploring Excellence: A Review of Assumption Life's Employee Benefits IDC
Exploring Excellence: A Review of Assumption Life’s Employee Benefits

Though Assumption Life lacks the huge scale and bureaucracy of mega-carriers, its pricing is highly competitive for maximizing benefits dollars. For employers wanting a more intimate, long-term partnership, Assumption Life provides experienced, dedicated account leaders to enhance benefits as companies grow proactively and priorities change.

Assumption Life merits consideration for organizations in Eastern Canada seeking group benefits partners. Western Canadian companies can also find attractive benefits and pricing, but they should first ensure local servicing capabilities. Assumption Life is certainly worth exploring for any growing organization looking to control costs while keeping employees satisfied and productive.

Finding the right employee benefits provider is an important decision for any business in Canada. With a range of options to choose from, it’s helpful to understand the landscape of top providers across the country. Some of the leading employee benefits providers in Canada include:

Visit Ebsource for more employee benefits news in Canada.

Article Sources

At Ebsource, our mission is to equip Canadians with comprehensive and factual information to facilitate prudent choices regarding employee benefits and human resources guidance. We leverage the expertise of seasoned financial professionals to ensure our advice aligns with industry best practices. The statistics we reference come from trusted government and industry bodies such as Statistics Canada and the CLHIA to certify accuracy.

Our recommendations stem from thorough, unbiased research of major employee benefits providers in Canada. This allows us to tailor our suggestions to individuals’ specific budgets and needs. Ebsource maintains rigorous standards of objectivity, transparency, and independence across all our content. We pride ourselves on furnishing counsel readers can trust by citing reputable sources and adhering to editorial principles. As Canada’s most reliable outlet for employee benefits news, we are dedicated to empowering Canadians to make informed benefits decisions.

Assumption Life Employee Benefit Plan – insurdinary.ca
Get Assumption Life Quote and compare to other companies – lsminsurance.ca
Assumption Life Insurance Review: What You Need To Know (2024) – policyme.com

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